# In the matter of Aakash Thakor vs. Shree Shyam Avenues Pvt. Ltd. & Anr.

> NCLAT judgment dated 2024-02-06. Citation: TCN-2024-NCLAT-00652. The case pertains to a Company Appeal (AT) (Insolvency) No.243 of 2024 filed before the…

- **Court:** NCLAT
- **Order date:** 6 Feb 2024
- **Citation:** TCN-2024-NCLAT-00652
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/aakash-thakor-vs-shree-shyam-avenues-pvt-ltd-anr-a10fd9cd

## Summary

### Background

The case pertains to a Company Appeal (AT) (Insolvency) No.243 of 2024 filed before the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. The appellant is Aakash Thakor, and the respondents are Shree Shyam Avenues Pvt. Ltd. & Anr. The appeal involves a dispute related to insolvency proceedings.

## Facts

Aakash Thakor filed a Company Appeal (AT) (Insolvency) No.243 of 2024 against Shree Shyam Avenues Pvt. Ltd. & Anr. before the NCLAT. The appellant's counsel submitted that an amount of Rs.90,24,657/- should be deposited with the Registrar, NCLAT, as an interest-bearing Fixed Deposit Receipt in the name of the Respondent within one week. The court issued a notice, which the respondent accepted. The court directed the respondent to file a reply within two weeks. The court ordered that no further steps be taken in the CIRP, and the IRP should collate the claim and keep the Corporate Debtor as a going concern. The relevance of the deposit is to ensure the availability of funds to the respondent if the appeal is dismissed. The stay on further CIRP steps aims to prevent

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## Issues and analysis

### Issue 1: Whether the Appellant should deposit Rs.90,24,657/- with the Registrar, NCLAT, as an …

**Ratio:** The legal principle applied here is the court's power to impose conditions on the

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**Reasoning:** The court reasoned that requiring the deposit would secure the principal amount for the

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**Interpretation:** This involves interpreting the court's inherent powers to issue interim orders

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**Application:** The court applied this principle by ordering the appellant to deposit the

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## Parties

- **Judges:** Ashok Bh…; Arun Ba…
- **Appellants:** Aakash T…
- **Respondents:** Shree Shyam…

## Timeline

- **2024-02-06 — Order Regardin…**: Learned counsel for the Appellant submits that amount of Rs.90,24,657/- which is the…
- **2024-02-06 — Notice I…**: Issue notice. Respondent appears and accepts…

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